S&P AT it Again on Greece

S&P sure thinks it is self important, but no one with any seriousness gives a flying you know what about what this credit agency has to say. Hey, I hear France may soon be downgraded as S&P has learned Napoleon has passed away. Stay tuned.

"On Dec. 2, 2010, Standard & Poor's Ratings Services placed its 'BB+' long-term sovereign credit rating on the Hellenic Republic (Greece) on CreditWatch with negative implications. Standard & Poor's has also placed its 'BB+' rating on the individual debt issues of the Greek government on CreditWatch with negative implications, reflecting both the action on the sovereign credit rating and the possibility of a downward revision of our '4' recovery rating on this debt...We could affirm the ratings on Greece if our current expectations about the impact of subordination and undefined restructuring triggers are not borne out by events after we have analyzed the full ESM proposal. If, on the other hand, our views are borne out, we could lower our long-term rating on Greece, probably by one, but not likely more than two notches, depending on the details of the ESM"